Walgreens to drop target-date funds, pay $13.7 million to settle retiree suit

Walgreens will pay $13.7 million and remove Northern Trust Corp. target-date funds from a retirement savings plan to settle a lawsuit that alleged the selection of poorly performing funds was a breach of its fiduciary duty, reports Plansponsor. The lawsuit represented a class of 195,000 current and former participants in the Walgreens Profit-Sharing Retirement Plan, offered by the Deerfield, Illinois retail pharmacy chain.